LSI reports Q4 and full-year 2009 results

BANGALORE, INDIA: LSI Corp. has reported results for its fourth quarter and full year ended December 31, 2009.

Fourth quarter 2009 revenues were $638 million, a 5percent increase year-over-year compared to $610 million reported in the fourth quarter of 2008, and up 10 percent sequentially compared to $578 million reported in the third quarter of 2009.

Fourth quarter 2009 GAAP net income was $65 million or 10 cents per diluted share, compared to fourth quarter 2008 GAAP net loss of $606 million or 94 cents per share. Fourth quarter GAAP results included a $31 million tax benefit, or 5 cents per diluted share, primarily related to the settlement of a multi-year foreign tax audit.

Fourth quarter 2009 GAAP results compare to third quarter 2009 GAAP net income of $52 million or 8 cents per diluted share. Fourth quarter 2009 GAAP net income included a net charge of $59 million from special items, consisting primarily of $43 million of amortization of acquisition-related items, $14 million of stock-based compensation expense, and $2 million in net restructuring and other items.

Fourth quarter 2009 non-GAAP net income was $124 million or 18 cents per diluted share, compared to fourth quarter 2008 non-GAAP net income of $41 million or 6 cents per diluted share. Third quarter 2009 non-GAAP net income was $119 million or 18 cents per diluted share.

Cash and short-term investments totaled approximately $962 million at quarter end.

“With increasing signs in the fourth quarter that an early-stage recovery of enterprise IT spending is now underway, LSI achieved double-digit sequential revenue growth, with revenues coming in at the high end of our guidance range,“ said Abhi Talwalkar, LSI president and CEO. “With more than 80 percent of our revenues tied to enterprise technology spending, we are well positioned to benefit as this recovery gains strength going forward.”